Uranium dropped to $29/lb. on May 2, the lowest since June 2005 and extending this year’s drop to 16%; UBS has reduced its 2014 price forecast by 9% to $39/lb., and Credit Suisse cut its projection by 7% to $38.80.

Japanese restarts are the key catalyst to get utilities to resume long-term contracting, which should support prices, Raymond James analyst David Sadowski says, cutting his 2014 price forecast by 14% to $36.

"The next 18 months we see as being a very difficult period for the market," Cameco CEO Tim Gitzel says in the report.